Canadian Investment Review

CPPIB completes acquisition of renewable energy company

Written by Staff on Tuesday, March 17th, 2020 at 8:55 am

Copyright : Pedro Antonio Salaverría Calahorra // 123RFThe Canada Pension Plan Investment Board has completed a transaction to purchase all outstanding common shares of Pattern Energy Group Inc.

No longer traded on the NASDAQ and shortly to be de-listed from the Toronto Stock Exchange, each outstanding share of Pattern went for $26.75 in cash.

“Pattern Energy has a high-quality operating portfolio of contracted assets and an ownership interest in a strong development business, which align well with CPP Investments’ renewable energy investment strategy,” said Bruce Hogg, managing director and head of power and renewables, at the CPPIB, in a press release. “We look forward to working with Pattern Energy’s management team to grow the company by capturing opportunities presented by the increasing global demand for low-carbon energy.”

Pattern comprises of a portfolio of 28 renewable energy projects, operating in Canada, Japan and the United States.

Copyright 2020. Canadian Investment Review. All Rights Reserved.